Q:Has anyone had any dealings with Northwood Lettings? They are advertising heavily on the radio around here, Milton Keynes/Bedford (although they are all over England) as they do a guaranteed rental income scheme.
I recently signed up for this and have been bitterly disappointed with the reality. I have been mis-informed twice, they put me on the wrong scheme and then blamed my partner getting involved for the problems even though he has never spoken to him!
Just wondering if anyone else has had any good or bad experiences with them?
As for the guranteed income, that worked like this, the property to rent would take lets say ￡650 a month on the market, Northwood would offer you ￡500 a month guraenteed, so regardless of whether the property was empty or not you would always get ￡500 a month. (this is a rough estimate)
As far as i know lots of other companies that offer guarented rentals do so through insurance schemes, or thats how it used to be anyway, so everytime the property is empty you claim on an insurance policy.
They don't pay you for 6 weeks and then they pay by BACS so it's 2 to 3 days after you expect the money.
They will take your place on in December but be very careful as they consider something like 19th Dec to 10th Jan non marketable times and so don't pay for them.
I found that the details changed depending on who you spoke to and never did get a straight answer, even in writing, about who paid the bills if the property was empty, it finally worked out to be Northwood. I had only approached them as I wanted a stress free year and could cope with the low monthly rent in return for no hassle – what a idealist view that was!
Glad to be shot of them, only good thing was my place stayed empty the full 6 months they had it (yes I did get out early) so it was in excately the same condition when I got it back.
This business is franchised and so I'm sure it will vary countrywide. The idea is good and if you take your time get answers to your questions in writing (always go direct to the manager) I'm sure it can work – many other agents now do guaranteed schemes so the princple must work.
I would be interest to know others experiences and what other issues there are.
hubby having ..let's say 'issues' with them.